PumpSwap trading volume officially overtakes Raydium! Become the (DEX) of the largest decentralized exchange on Solana

(120bTc.coM): Blockworks Research reported that PumpFun's own AMM platform, PumpSwap, has rewritten the Solana ecosystem in just one week. Just yesterday, PumpSwap officially surpassed Raydium in terms of trading volume, becoming the largest decentralized exchange (DEX) on Solana, showing strong growth potential and market attractiveness.

PumpSwap Emerges, Taking the Market Leader Position Within a Week

Dune data indicates that since its launch on March 20, PumpSwap has rapidly accumulated a total trading volume of 2.4 billion USD, bringing in 4.8 million USD in fee revenue for the protocol. PumpSwap's AMM market share has further climbed to 42.3%, significantly ahead of Raydium's 34.2%.

In addition, on March 27, a record of $2.67 million in daily transaction fees was set, indicating that user engagement and trading enthusiasm continue to soar.

PumpSwap Boosts PumpFun Revenue, Reshaping Platform Business Model

The Blockworks Research report provides a more detailed analysis, stating that PumpFun's revenue reached 7 million USD in January this year, of which 1.5 million came from fees for launching on external exchanges. Since the launch of PumpSwap, it has not only saved on the commission fees that previously needed to be paid to Raydium, but also brought an additional revenue of over 250,000 USD to the platform.

Although other external trading tools still extract fees, with the introduction of PumpSwap, the income share of PumpFun itself has significantly increased, which also represents a simultaneous enhancement of overall operational efficiency.

User Behavior Insights: All Retail Investors

Data shows that about 30% of the PumpFun bonding curve transactions come from external platforms, reaching 40% on PumpSwap, with another 20% coming from DEX aggregators, indicating that the platform's ecosystem heavily relies on third-party tools such as Telegram trading bots (TgBots) to drive trading activities. This may be related to user habits or convenience of use.

At the same time, more than half of the transaction amounts fall between $1 and $10, reflecting the retail-dominated trading characteristics of the market.

The number of launched tokens has rebounded, but the overall market value is still below its peak

After PumpSwap went live, the number of tokens successfully launched daily reached a maximum of 500, although it has not yet returned to the peak of nearly 1,000 tokens per day in January, it has shown a rising trend.

The total market capitalization of PumpFun tokens is currently around $3.5 billion, down from a peak of $12 billion. With users no longer needing to migrate filled tokens to Raydium, the overall operation process has become smoother, also enhancing platform stickiness.

In response, Raydium is also preparing to part ways with PumpFun through the announcement of the launch of the new token launch platform LaunchLab.

Can PumpSwap Lead the Next Wave of On-Chain Frenzy?

As Alon, the co-founder of PumpFun, previously stated, his expectation for PumpSwap is to create a product that allows "non-crypto native users to participate easily" by lowering the barriers, increasing rewards, and optimizing the user experience: Our goal has always been to create products that can break out of the crypto bubble and attract mainstream users. PumpSwap is an important step towards this goal, providing a more user-friendly mechanism with higher returns and greater sustainability.

Today, PumpSwap has not only successfully rewritten the market landscape of Solana DEX but has also brought new momentum to the DeFi and Meme coin ecosystem. As users and volume steadily grow, whether it can achieve the ultimate goal of attracting the mainstream market has become one of the events closely watched by the crypto community.